US POWER OF ATTORNEY

A Power of Attorney is a document that lets you nominate someone to make financial and other decisions on your behalf. Appointment can take effect immediately, or it can take effect only if you are unable to make those decisions on your own.

For example, if you become mentally incapacitated, or if you are leaving the country for a while, you would be unable to make these important choices for yourself.

TYPES OF POWER OF ATTORNEY

Limited

Temporary

Permanent or “durable”

Springing (becomes effective when certain conditions are met)

A limited Power of Attorney is quite common for things such as real estate settlements or business transactions. They are very specific as to what transactions are covered and as to the time period covered.

If you were preparing to leave the country for an extended period of time, you might want to sign over a temporary Power of Attorney to a family member or trusted friend to act on your behalf while you’re away.

If you had been diagnosed with Alzheimer’s, you might want to designate a permanent, springing Power of Attorney to someone in the event that your mental faculties diminished later. Such a Power of Attorney would take affect upon certification by two doctors that you were no longer mentally capable of handling your own affairs.